Cisco shares jump 17.2% to $119.36 on hyperscalers' AI orders
Business
Cisco just hit its highest-ever stock price after reporting impressive third-quarter earnings and raising its revenue outlook.
Shares jumped 17.2% to $119.36, mostly thanks to AI infrastructure orders from hyperscalers.
With AI spending booming, Cisco is quickly becoming a go-to name in the space.
Cisco cuts about 4,000 jobs
For the quarter ending April 2026, Cisco pulled in $15.8 billion in revenue (up 12% from last year) and boosted net income to $3.37 billion.
The company now expects up to $9 billion in AI orders this year, almost double its earlier estimate.
Despite all the growth, Cisco is also cutting about 4,000 jobs (less than 5% of staff) as it shifts focus toward high-demand areas like AI and security tech.